BlackRock’s inflow streak came to a halt on April 24th when it recorded zero inflows. This was also the case for most other Bitcoin ETF issuers. Since the establishment of spot Bitcoin ETFs in the US in January, BlackRock’s iShares Bitcoin Trust (IBIT) experienced its first day without any inflows. IBIT had accumulated nearly $15.5 billion in investment capital within seven days of its launch on January 11th, with daily investments amounting to millions of dollars. However, on April 24th, BlackRock registered zero dollars in inflows.
There was a significant decline in inflows for most Bitcoin ETF issuers. Only two out of the eleven US-based Bitcoin exchange-traded funds (ETFs) received inflows of more than $5 million: Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB). The GBTC, or Grayscale Bitcoin Trust ETF, also experienced withdrawals amounting to $130.4 million on April 24th, resulting in $120.6 million being removed from spot Bitcoin ETFs on that day.
While it is unprecedented for IBIT, other ETF members have also experienced a lack of inflows. For example, Fidelity’s FBTC had three days with zero inflows in the past two weeks. The total value of Bitcoin in the US Bitcoin ETF market has reached $12.3 billion so far. However, the withdrawals from GBTC have somewhat offset the inflows recorded by the other nine Bitcoin ETFs.
The application process for Ether ETFs in the US is currently underway, with several players in the Bitcoin ETF market involved. However, the Securities and Exchange Commission (SEC) recently postponed the clearance decisions for a number of these applications.
The price of Bitcoin has been experiencing a similar downturn, trading in the red. At the time of writing, Bitcoin is valued at $64,016, representing a 4.06% decrease in the last 24 hours according to data from CoinMarketCap.
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